Grain prices rebound on Thursday
Corn futures are trading higher this morning. Futures were pulled higher by modest gains in the soybean market overnight. Trade is relatively quiet this morning with futures stuck in a 10 cent range. Weakness is the dollar index and bargain buying should provide the futures with an extra boost. Weekly export sales are expected to be neutral for prices. December corn is trading 5 cents higher.
Soybean futures are trading higher this morning. Recovering in soybean market on Wednesday spilled over into overnight trade with contracts posting firm double digit gains. Soybean prices pushed higher on bargain buying after two sessions of strong losses. Weekly export sales are expected to be neutral to bullish. November soybeans are trading 16 cents higher.
Wheat futures are trading higher this morning. Wheat futures followed the corn and soybean markets higher during overnight trade, although slight pressure is developing at MGE. Soft demand and lack of fresh news will continue to be limiting factor for prices; however, the lower dollar index may spark renewed buying interest in U.S. wheat.
Live cattle futures are called to open mixed this morning. Market prices are expected to open uneven as traders await cash trade movement. As of yesterday, no transactions had taken place even though some packers appear to be short bought this week. However, higher wholesale beef prices are expected to support futures.
Lean hog futures are called to open higher this morning. Continued strength in the cash market should lift futures at the opening of pit trade. Pressure that developed in the deferred contracts yesterday should be offset by recent gains in corn and soymeal markets. Although the pork carcass valued slumped on Wednesday, improving fundamentals will underpin the market.
Cotton futures are trading lower this morning. Cotton futures closed higher on Wednesday only to give back gains early Thursday morning on lack of supportive fundamentals. Prices should see support as the dollar index is trading lower this morning. December cotton is trading 9 points lower.